Tips from regulation conference on Bitcoin compliance

With the backdrop of both Congress and the NY Department of Financial Services launching investigations into Bitcoin, regulation is top of mind for everyone in the Bitcoin ecosystem. So far the only definitive statement about how Bitcoin will be regulated in the US came from the FinCEN guidance in March of this year. But even this left me with a number of questions. If I buy or sell Bitcoins at an exchange as an individual, will I be considered a money service business (MSB)? If a Bitcoin miner sells Bitcoins for dollars, will she be considered an MSB? What about a merchant who is accepting Bitcoins for the sale of goods or services? I attended last week’s National Money Transmitters Association (NMTA) conference on virtual currencies compliance , which brought together top regulators, litigators, and entrepreneurs, and got some of these questions answered. I was relieved ...